Report Summary 1) Report Industry Investment Rating - High-sulfur fuel oil: Short-term neutral, medium-term bearish [3] - Low-sulfur fuel oil: Short-term neutral, medium-term bearish [3] - Cross-variety: None [3] - Cross-period: None [3] - Spot-futures: None [3] - Options: None [3] 2) Core View of the Report - Crude oil prices continue to show a weak and volatile trend. The mid-term expectation of oversupply in the oil market is gradually materializing. If the Russia-Ukraine situation eases, the geopolitical premium may further subside, and lower oil prices will put some pressure on the unilateral price of fuel oil [2] - In terms of the fundamentals of fuel oil itself, the overall market contradictions are limited. The market structure of low-sulfur fuel oil weakened again after a slight repair, with declining crack spreads and monthly spreads. The market supply remains relatively abundant. The supply from the Dangote refinery has not completely stopped, some units of the Azur refinery that were under maintenance due to faults are expected to restart around November 29, and the shipment of Sudanese low-sulfur crude oil is also recovering. However, due to the relatively low valuation of low-sulfur oil compared to gasoline and diesel, the refinery's production willingness is limited, and there is still support at the lower end of the market [2] - For high-sulfur fuel oil, the crack spread has recently weakened in a volatile manner, and the lower support for valuation mainly comes from the flexible demand at the refinery end. In addition, the development of the Russia-Ukraine situation will also affect Russia's fuel oil production and trade flow [2] 3) Summary by Relevant Catalog Market Analysis - The main contract of the Shanghai Futures Exchange fuel oil futures closed down 0.36% during the day session, at 2,491 yuan/ton; the main contract of the INE low-sulfur fuel oil futures closed down 1.31% during the day session, at 3,015 yuan/ton [1] Strategy - High-sulfur fuel oil: Short-term neutral, medium-term bearish [3] - Low-sulfur fuel oil: Short-term neutral, medium-term bearish [3] - Cross-variety: None [3] - Cross-period: None [3] - Spot-futures: None [3] - Options: None [3]

1. Report Industry Investment Rating - No information provided about the industry investment rating in the report. 2. Core Views of the Report - The supply - side shows that in November 2025, the total planned output of asphalt from local refineries is 1.312 million tons, a month - on - month increase of 18.2% and a year - on - year decrease of 6.5%. The capacity utilization rate of domestic petroleum asphalt samples this week is 26.4262%, a month - on - month decrease of 4.37 percentage points. Refineries have reduced production this week, but supply pressure may increase next week. [8] - The demand - side indicates that the current demand is below the historical average level. The heavy - traffic asphalt开工率 is 24.8%, a month - on - month decrease of 0.14 percentage points; the construction asphalt开工率 is 6.6%, remaining flat month - on - month; the modified asphalt开工率 is 10.587%, a month - on - month decrease of 0.63 percentage points; the road - modified asphalt开工率 is 34%, remaining flat month - on - month; the waterproofing membrane开工率 is 34%, a month - on - month increase of 1.00 percentage point. [8] - In terms of cost, the daily asphalt processing profit is - 453.38 yuan/ton, a month - on - month increase of 1.04%. The weekly delayed coking profit of Shandong local refineries is 1086.84 yuan/ton, a month - on - month increase of 18.76%. The asphalt processing loss increases, and the profit difference between asphalt and delayed coking increases. Crude oil is strengthening, and it is expected to provide short - term support. [8] - The basis on November 24 shows that the Shandong spot price is 3030 yuan/ton, and the basis of the 01 contract is - 30 yuan/ton, with the spot at a discount to the futures, which is neutral. [8] - In terms of inventory, the social inventory is 79.4 million tons, a month - on - month decrease of 3.75%; the in - plant inventory is 64.2 million tons, a month - on - month decrease of 0.77%; the port diluted asphalt inventory is 80 million tons, a month - on - month increase of 28.57%. Social and in - plant inventories are continuously decreasing, while port inventory is continuously increasing, which is neutral. [8] - The disk shows that MA20 is downward, and the futures price of the 01 contract closes below MA20, which is bearish. The net short position of the main contract is decreasing, which is also bearish. [8] - Overall, due to the recent production cut by refineries, the supply pressure is reduced. Affected by the off - season, the demand boost is limited, and the overall demand is lower than expected. The inventory remains flat. With the strengthening of crude oil, the cost support is expected to strengthen in the short term. It is predicted that the asphalt 2601 will fluctuate in the range of 3034 - 3086. [8] 3. Summary According to the Directory 3.1 Daily Views - **Fundamentals**: Supply - side production shows changes, and demand is below the historical average. Cost - side profit and crude oil trends are analyzed. [8] - **Basis**: The Shandong spot price and the 01 contract basis on November 24 are presented, with the spot at a discount to the futures. [8] - **Inventory**: Social, in - plant, and port inventories show different trends of de - stocking and stocking. [8] - **Disk**: MA20 is downward, and the 01 contract futures price closes below MA20. The net short position of the main contract is decreasing. [8] - **Expectation**: The asphalt 2601 is expected to fluctuate in the range of 3034 - 3086 in the short term. [8] 3.2 Asphalt Futures Market - Basis Trend - The report presents the historical trends of the Shandong and East China asphalt basis from 2020 to 2025. [18][20] 3.3 Asphalt Futures Market - Spread Analysis - **Main Contract Spread**: The historical trends of the 1 - 6 and 6 - 12 contract spreads of asphalt from 2020 to 2025 are shown. [23] - **Asphalt - Crude Oil Price Trend**: The historical price trends of asphalt, Brent oil, and West Texas oil from 2020 to 2025 are presented. [26] - **Crude Oil Crack Spread**: The historical trends of the asphalt - SC, asphalt - WTI, and asphalt - Brent crude oil crack spreads from 2020 to 2025 are analyzed. [29][30] - **Asphalt, Crude Oil, and Fuel Oil Price Ratio Trend**: The historical trends of the asphalt - SC price ratio and asphalt - fuel oil price ratio from 2020 to 2025 are shown. [34] 3.4 Asphalt Spot Market - Market Price Trends in Various Regions - The historical price trend of Shandong heavy - traffic asphalt from 2020 to 2025 is presented. [36] 3.5 Asphalt Fundamental Analysis - **Profit Analysis** - **Asphalt Profit**: The historical trend of asphalt profit from 2019 to 2025 is shown. [39] - **Coking - Asphalt Profit Spread Trend**: The historical trend of the coking - asphalt profit spread from 2020 to 2025 is presented. [43] - **Supply - Side Analysis** - **Shipment Volume**: The historical weekly shipment volume of asphalt small - sample enterprises from 2020 to 2025 is shown. [46] - **Diluted Asphalt Port Inventory**: The historical trend of domestic diluted asphalt port inventory from 2021 to 2025 is presented. [48] - **Output**: The historical weekly and monthly output trends of asphalt from 2019 to 2025 are shown. [51] - **Marey Crude Oil Price and Venezuelan Crude Oil Monthly Output Trend**: The historical trends of Marey crude oil price and Venezuelan crude oil monthly output from 2018 to 2025 are presented. [56] - **Local Refinery Asphalt Output**: The historical trend of local refinery asphalt output from 2019 to 2025 is shown. [58] - **开工率**: The historical weekly asphalt capacity utilization rate from 2021 to 2025 is presented. [61] - **Maintenance Loss Estimation**: The historical trend of maintenance loss estimation from 2018 to 2025 is shown. [64] - **Inventory Analysis** - **Exchange Warehouse Receipts**: The historical trends of exchange warehouse receipts (total, social inventory, and factory inventory) from 2019 to 2025 are presented. [67][68] - **Social Inventory and In - Plant Inventory**: The historical trends of social inventory (70 samples) and in - plant inventory (54 samples) from 2022 to 2025 are shown. [71] - **In - Plant Inventory Inventory Ratio**: The historical trend of the in - plant inventory inventory ratio from 2018 to 2025 is presented. [74] - **Import and Export Situation** - The historical trends of asphalt export and import from 2019 to 2025 are shown, as well as the historical trend of the South Korean asphalt import price difference from 2020 to 2025. [77][80] - **Demand - Side Analysis** - **Petroleum Coke Output**: The historical trend of petroleum coke output from 2019 to 2025 is shown. [83] - **Apparent Consumption**: The historical trend of asphalt apparent consumption from 2019 to 2025 is presented. [86] - **Downstream Demand** - **Transportation Fixed - Asset Investment in Highway Construction**: The historical trend from 2020 to 2025 is shown. [89] - **New Local Special Bond Trend**: The historical trend from 2019 to 2025 is presented. [90] - **Infrastructure Investment Completion Year - on - Year**: The historical trend from 2020 to 2024 is shown. [90] - **Downstream Machinery Demand**: The historical trends of asphalt concrete paver sales, excavator monthly working hours, domestic excavator sales, and road roller sales are presented. [93][95] - **Asphalt开工率** - **Heavy - Traffic Asphalt开工率**: The historical trend from 2019 to 2025 is shown. [98] - **Asphalt开工率 by Use**: The historical trends of construction asphalt开工率 and modified asphalt开工率 from 2019 to 2025 are presented. [100] - **Downstream开工情况**: The historical trends of shoe - material SBS - modified asphalt开工率, road - modified asphalt开工率, and waterproofing membrane modified asphalt开工率 from 2019 to 2025 are shown. [102][104] - **Supply - Demand Balance Sheet**: The monthly asphalt supply - demand balance sheets from January to November 2025 are presented, including downstream demand, port inventory, factory inventory, social inventory, export, import, and output. [107]

Group 1: Market Indices - The chemical sector indices experienced significant declines, with the chemical raw materials index down 8.61%, chemical machinery index down 7.11%, pharmaceutical index down 6.63%, and pesticide and fertilizer index down 5.94% [1] - In contrast, the oil sector indices showed mixed results, with the oil processing index up 1.4% and the oil extraction index up 0.67%, while the oil trade index fell by 4.96% [1] Group 2: Oil Prices - The sentiment in the crude oil market turned bearish due to the Trump administration urging Ukraine and Russia to reach a peace agreement, alongside a strengthening US dollar, leading to a decline in oil prices [1] - As of November 21, the settlement price for West Texas Intermediate (WTI) crude oil futures was $58.06 per barrel, down 3.38% from November 14, while Brent crude oil futures settled at $62.56 per barrel, down 2.84% [1] Group 3: Chemical Products - The top five rising petrochemical products included industrial-grade lithium carbonate up 13.67%, dimethyl carbonate up 12.32%, lithium battery electrolyte up 8%, sulfur up 7.54%, and folic acid up 6.25% [2] - Conversely, the top five declining petrochemical products were liquid chlorine down 6.25%, diethylene glycol down 5.35%, isooctyl acrylate down 5.13%, PVC by ethylene method down 3.49%, and tetrachloroethylene down 3.49% [2] Group 4: Stock Performance - In the capital market, the top five gaining listed chemical companies were Guofeng Plastics up 33.33%, Huarong Chemical up 27.82%, Tongyi Co. up 16.51%, Chenguang New Materials up 16.37%, and Tongcheng New Materials up 14.75% [2] - The top five declining listed chemical companies included Annada down 26.13%, Taihe Technology down 25.64%, Jiaao Enpro down 25.62%, Jianye Co. down 24.85%, and Sanfangxiang down 23.33% [2]

近期国际市场油价波动运行，根据11月24日的前10个工作日平均价格与上次调价前10个工作日平均价格对 比情况，按照现行成品油价格机制，自11月24日24时起，国内汽、柴油价格（标准品，下同）每吨分别降 低70元和65元。调整后，各省（区、市）和中心城市汽、柴油最高零售价格见附表。 附：各省区市和中心城市汽、柴油最高零售价格 单位:元/吨 | | 汽油(标准品) | 柴油(标准品) | | --- | --- | --- | | 、实行一省一价的地区 | | | | 北京市 | 8575 | 7585 | | 天津市 | 8540 | 7550 | | 河北省 | 8540 | 7550 | | 山西省 | 8610 | 7605 | | 辽宁省 | 8540 | 7550 | | 吉林省 | 8540 | 7550 | | 黑龙江省 | 8540 | 7550 | | 上海市 | 8555 | 7555 | | 江苏省 | 8595 | 7590 | | 浙江省 | 8595 | 7605 | | 安徽省 | 8590 | 7600 | | 福建省 | 8612 | 7615 | | 江西省 | 8રુજર ...

2025年11月24日国内成品油价格按机制调整 近期国际市场油价波动运行，根据11月24日的前10个工作日平均价格与上次调价前10个工作日平均价格对比 情况，按照现行成品油价格机制，自11月24日24时起，国内汽、柴油价格（标准品，下同）每吨分别降低70元和 65元。调整后，各省（区、市）和中心城市汽、柴油最高零售价格见附表。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供应，严 格执行国家价格政策。各地相关部门要加大市场监督检查力度，严厉查处不执行国家价格政策的行为，维护正常 市场秩序。消费者可通过12315平台举报价格违法行为。 附：各省区市和中心城市汽、柴油最高零售价格 | | | 早位: 元/吨 | | --- | --- | --- | | | 汽油(标准品) | 柴油(标准品) | | 、实行一省一价的地区 | | | | 北京市 | 8575 | 7585 | | 天津市 | 8540 | 7550 | | 河北省 | 8540 | 7550 | | 山西省 | 8610 | 7605 | | 辽宁省 | 8540 | 7550 | | 吉林省 | 85 ...

2025年11月24日国内成品油价格按机制调整 近期国际市场油价波动运行，根据11月24日的前10个工作日平均价格与上次调价前10个工作日平均价格对比情况，按照现行成品油价格机制，自11月24日 24时起，国内汽、柴油价格（标准品，下同）每吨分别降低70元和65元。调整后，各省（区、市）和中心城市汽、柴油最高零售价格见附表。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供应，严格执行国家价格政策。各地相关部门要加大市 场监督检查力度，严厉查处不执行国家价格政策的行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行为。 附：各省区市和中心城市汽、柴油最高零售价格 | 各省区市和中心城市汽、柴油最高零售价格 | | --- | | | | 单位:元/吨 | | --- | --- | --- | | | 汽油(标准品) | 柴油(标准品) | | 实行一省一价的地区 | | | | 北京市 | 8575 | 7585 | | 天津市 | 8540 | 7550 | | 河北省 | 8540 | 7550 | | 山西省 | 8610 | 7605 | | 辽宁 ...

新华财经北京11月24日电国家发展改革委发布消息，近期国际市场油价波动运行，根据11月24日的前10 个工作日平均价格与上次调价前10个工作日平均价格对比情况，按照现行成品油价格机制，自11月24日 24时起，国内汽、柴油价格（标准品，下同）每吨分别降低70元和65元。调整后，各省（区、市）和中 心城市汽、柴油最高零售价格见附表。 中石油、中石化、中海油三大公司及其他原油加工企业要组织好成品油生产和调运，确保市场稳定供 应，严格执行国家价格政策。各地相关部门要加大市场监督检查力度，严厉查处不执行国家价格政策的 行为，维护正常市场秩序。消费者可通过12315平台举报价格违法行为。 | | | 单位:元/吨 | | --- | --- | --- | | | 汽油(标准品) | 柴油(标准品) | | - 实行一省一价的地区 | | | | 北京市 | 8575 | 7585 | | 天津市 | 8540 | 7550 | | 河北省 | 8540 | 7550 | | 山西省 | 8610 | 7605 | | 辽宁省 | 8540 | 7550 | | 吉林省 | 8540 | 7550 | | 黑龙江省 | ...

Investment Rating - The report maintains a recommendation for the organic silicon industry, highlighting its potential benefits from the chemical sector's internal competition [4]. Core Viewpoints - The chemical sector experienced a decline of 7.47% in the third week of November, underperforming the Shanghai Composite Index by 3.58 percentage points [13]. - The only sub-industry that saw an increase was petroleum processing, which rose by 2.64%, while 31 sub-industries declined, with the largest drop in acrylic fiber at -15.33% [17]. - Key products with significant price increases included dimethyl carbonate (+12.32%) and thionyl chloride (+11.39%), while liquid chlorine saw the largest decrease at -6.25% [22][3]. - The report suggests focusing on leading companies that benefit from the chemical sector's internal competition, such as Xin'an Chemical, Xingfa Group, and Baofeng Energy [4]. Industry Performance - The chemical sector's dynamic PE ratio stands at 23.78, significantly higher than the average PE of 5.33 since 2015 [13]. - The total number of stocks in the industry is 446, with a total market value of 7114.2 billion and a circulating market value of 6648.5 billion [5]. Price and Spread Trends - The report lists the top five products with the highest price increases and decreases, indicating significant volatility in the market [22][3]. - The price spread for propylene (methanol-based) increased by 296.55%, while the PTA spread decreased by 157.04% [42][46]. Inventory Changes - Notable inventory changes include a decrease in stocks of chlorpyrifos (-12.5%) and propylene oxide (-11.83%), while polyester filament saw an increase of 10.21% [66].

今年以来，国内油价已经历二十二轮调整，分别为"七涨九跌六搁浅"。国内汽、柴油价格每吨较去年底分别下跌620元/吨和595元/吨。若本轮调价 如预期下调，2025年的调价格局将变为"七涨十跌六搁浅"。 2、2025中国汽车供应链大会将举行 11月24日至26日，2025中国汽车供应链大会将在芜湖举行，主题为"链动产业生态新质驱动未来"。 3、18家公司披露回购进展 （原标题：今日看点｜国内油价预计将迎年内第十跌） 11月24日重点关注的财经要闻与资本市场大事： 1、国内油价预计将迎年内第十跌 11月24日24时，国内成品油新一轮调价窗口将开启。综合多家机构预测，成品油价或年内第十次下跌。 11月24日，18家公司共发布18个股票回购相关进展。其中，16家公司披露股票回购实施进展，2家公司回购方案已实施完毕。 从回购实施进展来看，阿特斯、嘉化能源、中控技术回购金额最高，分别回购3.5亿元、3.03亿元、2.99亿元。从已完成回购来看，当日共1家公司 回购金额超千万。中国石化、江苏金租已完成回购金额最高，分别回购5.0亿元、80.59万元。 4、109.16亿元市值限售股今日解禁 11月24日，共有15家公司限售股 ...

Report Overview - Report Title: Fuel Oil and Low-Sulfur Fuel Oil Weekly Report - Report Date: November 23, 2025 - Analyst: Liang Kefang - Investment Advisory Qualification Number: Z0019111 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - **Price Trend**: This week, fuel oil prices continued to decline, and the strength of low-sulfur fuel oil at home and abroad began to weaken during the decline. For high-sulfur fuel oil, Middle Eastern exports continued to surge, with most of the increase coming from Saudi Arabia and Iran. Considering that the major maintenance in Saudi Arabia is about to end, the short-term weakness of high-sulfur fuel oil may not be reversed. For low-sulfur fuel oil, refinery maintenance in Brazil and European refineries' shift to deep processing of heavy components to increase gasoline and diesel production led to a decrease in the amount of spot flowing to the Asia-Pacific region, and the spot transaction premium began to gradually recover. However, refineries in Brazil and Kuwait will gradually resume operations next month, and spot supply will gradually recover in the future, putting pressure on the market. Therefore, in the short term, the strength of low-sulfur fuel oil will gradually end. Considering that low-sulfur fuel oil has been stronger than high-sulfur fuel oil in the previous period, this situation may gradually reverse in the future [4]. - **Valuation**: FU: 2400 - 2500; LU: 3000 - 3250 [4]. - **Strategy**: 1) Unilateral: Fuel oil prices will remain weak in the short term. 2) Inter - period: The monthly spread structure of FU and LU has returned to contango, and it is difficult to reverse under the condition of loose supply. 3) Inter - variety: The cracking spread of FU/LU may continue to decline; the LU - FU spread will gradually decline in the short term [4]. 3. Summary by Directory 3.1 Supply - **Refinery Operations**: The content shows the capacity utilization rates of Chinese refineries (including overall, independent, and major refineries) from 2016 - 2025 through charts, but no specific data analysis is provided [6]. - **Global Refinery Maintenance**: Charts present the maintenance volumes of global CDU, hydrocracking, FCC, and coking units from 2018 - 2025, but no specific data analysis is provided [9][11][13][14]. - **Domestic Refinery Fuel Oil Production and Commercial Volume**: Charts show the monthly production of fuel oil, low - sulfur fuel oil, and domestic commercial volume of fuel oil in China from 2018 - 2025, but no specific data analysis is provided [19][20]. 3.2 Demand - **Domestic and Foreign Fuel Oil Demand Data**: Charts display the monthly actual consumption of marine fuel oil in China, the monthly sales volume of fuel oil for ship supply in Singapore, and the monthly apparent consumption of fuel oil in China from 2018 - 2025, but no specific data analysis is provided [23]. 3.3 Inventory - **Global Fuel Oil Spot Inventory**: Charts show the heavy oil inventory in Singapore, the fuel oil inventory in European ARA, the heavy distillate inventory in Fujairah, and the residual fuel oil inventory in the US from 2018 - 2025, but no specific data analysis is provided [27][29][30]. 3.4 Price and Spread - **FOB Prices in Asia - Pacific Region**: Charts present the FOB prices of 3.5% and 0.5% fuel oil in Fujairah and Singapore from 2018 - 2025, but no specific data analysis is provided [35][36][37]. - **FOB Prices in European Region**: Charts show the FOB prices of 3.5% and 1% fuel oil in the Mediterranean, north - western Europe, and other regions from 2018 - 2025, but no specific data analysis is provided [39][40][42][44]. - **Fuel Oil Spot Prices in US Region**: Charts display the FOB prices of 3.5% and 0.5% fuel oil in the US Gulf, the cargo price of high - sulfur fuel oil in New York Harbor, and the price of low - sulfur straight - run fuel oil in USAC from 2018 - 2025, but no specific data analysis is provided [45]. - **Paper and Derivative Prices**: Charts show the prices of high - sulfur and low - sulfur swaps in north - western Europe, Singapore, and the prices of FU and LU futures contracts from 2024 - 2025, but no specific data analysis is provided [48][49][52][53][54]. - **Fuel Oil Spot Spread**: Charts present the high - low sulfur spread and viscosity spread in Singapore from 2018 - 2025, but no specific data analysis is provided [58][59]. - **Global Fuel Oil Cracking Spread**: Charts show the cracking spreads of high - sulfur and low - sulfur fuel oil in Singapore and north - western Europe from 2019 - 2025, but no specific data analysis is provided [63][64][65]. - **Global Fuel Oil Paper Monthly Spread**: Charts display the monthly spreads of high - sulfur and low - sulfur fuel oil in Singapore and north - western Europe from 2023 - 2025, but no specific data analysis is provided [67]. 3.5 Import and Export - **Domestic Fuel Oil Import and Export Data**: Charts show the monthly import and export volumes of fuel oil (excluding biodiesel) in China from 2018 - 2025, but no specific data analysis is provided [72][74][75]. - **Global High - Sulfur Fuel Oil Import and Export Data**: Charts present the weekly changes in global high - sulfur fuel oil import and export volumes in different regions, but no specific data analysis is provided [77]. - **Global Low - Sulfur Fuel Oil Import and Export Data**: Charts show the weekly changes in global low - sulfur fuel oil import and export volumes in different regions, but no specific data analysis is provided [79]. 3.6 Futures Market Indicators and Domestic - Foreign Spreads - **Review and Logic**: This week, Asia - Pacific fuel oil prices continued to decline, and the Zhoushan market moved in tandem. In terms of spreads, the domestic market was relatively weak, and the domestic - foreign spread began to gradually shrink from the previous high. For FU, the short positions still led the long positions, causing FU to perform weaker than the overseas spot, and the spread continued to shrink. For LU, both long and short positions were gradually closing, but the number of warehouse receipts remained stable after the delivery, and a new batch of spot may enter the Zhoushan market at the end of the month, so the convergence of the domestic - foreign spread may end in the short term [82]. - **Domestic - Foreign Spread Data**: Specific data on the domestic - foreign spreads of 380 spot, 0.5% spot, and various futures contracts from November 17 - 21, 2025 are provided [83]. - **Domestic - Foreign Spread Charts**: Charts show the domestic - foreign spreads of 380 spot, 0.5% spot, and various futures contracts from 2021 - 2025, but no specific data analysis is provided [86][87][89][90][91]. 3.7 FU and LU Position and Volume Changes - **Position and Volume Charts**: Charts display the trading volumes and positions of fuel oil main contracts, low - sulfur fuel oil continuous contracts, and related contracts from 2020 - 2025, but no specific data analysis is provided [93][95][98][100]. 3.8 FU and LU Warehouse Receipt Quantity Changes - **Warehouse Receipt Quantity Charts**: Charts show the quantity changes of FU and LU warehouse receipts from 2020 - 2025, but no specific data analysis is provided [104][105].